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Medici trades the London open

  • #401
  • Jan 7, 2010 1:07am Jan 7, 2010 1:07am
Quoting okrutny
Doesn't it look more like a bearish sentiment?
Agreed, the 30ema acted as resistance, now looking at PA around the 5950/S1 confluence....
Trading Levels with WRBs
  • #402
  • Jan 7, 2010 1:10am Jan 7, 2010 1:10am
Quoting Islander
Agreed, the 30ema acted as resistance, now looking at PA around the 5950/S1 confluence....
Long cable
  • #403
  • Jan 7, 2010 1:19am Jan 7, 2010 1:19am
Quoting Islander
Agreed, the 30ema acted as resistance, now looking at PA around the 5950/S1 confluence....

I've had 2 buys off this area and banked pips each time......I'm not yet confident of a larger push up.....but that may be because I lack knowledge in reading the reasons behind this morning's PA
Trading Levels with WRBs
  • #404
  • Jan 7, 2010 1:35am Jan 7, 2010 1:35am
What the hell with these rapid sell offs? I can't see any solid reason.. Do you?
  • #405
  • Jan 7, 2010 1:39am Jan 7, 2010 1:39am
Quoting okrutny
What the hell with these rapid sell offs? I can't see any solid reason.. Do you?
Low liquidity and MPC statement later today.
  • #406
  • Jan 7, 2010 1:43am Jan 7, 2010 1:43am
Quoting Islander
interesting, this is an area that I need to investigate. Do you keep a list of old levels or just have some on yoour charts?
The one from the summer I keep on my chart as it has been in play ever since. And I keep old levels in mind, but not always on chart as it gets a bit cluttered. But the end of Dec fibs I have on chart as we're still in that range.
  • #407
  • Jan 7, 2010 1:46am Jan 7, 2010 1:46am
Quoting medici
Low liquidity and MPC statement later today.
Do you manage to steal some pips? Could you post your trades? I'm totally confused today..
  • #408
  • Jan 7, 2010 1:47am Jan 7, 2010 1:47am
Quoting medici
Low liquidity and MPC statement later today.
http://cdn.forexfactory.com/images/icons/icon3.gif ....now where are those memory pills....
Trading Levels with WRBs
  • #409
  • Jan 7, 2010 1:51am Jan 7, 2010 1:51am
Quoting pilotui
Medici, are you using 1M or 5M charts? Looks good by the way...
I do my analysis on longer term charts (daily down to H1/M15) and prefer to follow the market on M5, but scale down to M1 close to entries/exits.
  • #410
  • Jan 7, 2010 1:56am Jan 7, 2010 1:56am
Hi Medici,

I am interested in trading this time of the day so I will be watching with interest how the experts do it

Still very much a learner so will just be observing from the sidelines for a while.

Hopefully I will find some skills that are obviously missing from my trading at present
Money grows on the tree of persistence
  • #411
  • Jan 7, 2010 2:06am Jan 7, 2010 2:06am
Quoting okrutny
Do you manage to steal some pips? Could you post your trades? I'm totally confused today..
Not much to post as I have mostly been watching the madness. Low liquidity without much order flow with dealers playing cat and mouse. Stole a few pips in initially, but since then it's just been scalping a few here and there, including taking a hit. So not yet at daily target.
  • #412
  • Jan 7, 2010 2:11am Jan 7, 2010 2:11am
Were getting some nice action for scalps atleast today I suppose. I haven't managed any greater than 20pips so far though. And im scared to stop and write a post because its so unstable lol.
The greatest force on earth is compound interest.
  • #413
  • Jan 7, 2010 2:16am Jan 7, 2010 2:16am
Bought euro at 4387.
  • #414
  • Jan 7, 2010 2:23am Jan 7, 2010 2:23am
I too have taken more than my usual ammount of trades and am still a little short of my quota.

I've been buying the down spikes - especialy around "levels" and after the initial push up failed to turn the 150 ema positive I've been looking to bank early - 10 pips or so, but with several I've just got out with 1/2 a pip

I should have taken the sells off the falling 150 ema - but I'm not good at trading both ways and allowed myself to be fixated with buying.

I'll post a chart later....
Trading Levels with WRBs
  • #415
  • Jan 7, 2010 2:37am Jan 7, 2010 2:37am
Quoting ozmacca
Hi Medici,

I am interested in trading this time of the day so I will be watching with interest how the experts do it

Still very much a learner so will just be observing from the sidelines for a while.

Hopefully I will find some skills that are obviously missing from my trading at present
Hello ozmacca, no expert performance today I am afraid, but most days we manage to get our daily quota so stay tuned.
  • #416
  • Jan 7, 2010 2:41am Jan 7, 2010 2:41am
Quoting Islander
I too have taken more than my usual ammount of trades ... but I'm not good at trading both ways and allowed myself to be fixated with buying.

I'll post a chart later....
Two of my weaknesses as well. Here's my analysis - hindsight is beautiful. S/R on a 5m chart would have saved the day.
Attached Image (click to enlarge)
Click to Enlarge Name: cable07jan.jpg Size: 144 KB
  • #417
  • Jan 7, 2010 2:51am Jan 7, 2010 2:51am
long euro 4363, as 0.50 yesterday's fibo and support of double bottom at 7gmt holds.
  • #418
  • Jan 7, 2010 2:52am Jan 7, 2010 2:52am
Just so you know I am awake - bought cable at 5911 for 10. Another scalp.
  • #419
  • Jan 7, 2010 2:55am Jan 7, 2010 2:55am
As you can see, I was a biased buyer.....and so missed the easier / correct rules-wise sells off the falling 150 ema.....they totalled over 100 pips.....about the same as the potential pips off the buys.....remember spreads and slippage are not taken into account and to get half of the total potential in these type of moves is the most I would expect


Halifax DAta due in 5 mins......
Attached Image (click to enlarge)
Click to Enlarge Name: jan 7 cable 1m 0844 gmt.gif Size: 25 KB
Trading Levels with WRBs
  • #420
  • Jan 7, 2010 2:57am Jan 7, 2010 2:57am
Quoting medici
Just so you know I am awake - bought cable at 5911 for 10. Another scalp.
WTG - off the MS2 level - I was posting and missed it.....
Trading Levels with WRBs
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